E5.11 (LO 3,4), AP Service Spencer Kars provides shuttle service between four hotels near a medi- cal center and an international airport. Spencer Kars uses two 10-passenger vans to offer 12 round trips per day. A recent month's activity in the form of a cost-volume-profit income statement is shown below. $36,000 Sales (1,500 passengers) Variable costs Fuel Tolls and parking Maintenance Contribution margin Fixed costs Salaries Depreciation Insurance Net income $ 5,040 3,100 860 15,700 1,300 1,000 9,000 27,000 18,000 $9,000 Instructions a. Calculate the break-even point in (1) dollars and (2) number of passengers. b. Without calculations, determine the contribution margin at the break-even point.

E5.11 (LO 3,4), AP Service Spencer Kars provides shuttle service between four hotels near a medi- cal center and an international airport. Spencer Kars uses two 10-passenger vans to offer 12 round trips per day. A recent month's activity in the form of a cost-volume-profit income statement is shown below. $36,000 Sales (1,500 passengers) Variable costs Fuel Tolls and parking Maintenance Contribution margin Fixed costs Salaries Depreciation Insurance Net income $ 5,040 3,100 860 15,700 1,300 1,000 9,000 27,000 18,000 $9,000 Instructions a. Calculate the break-even point in (1) dollars and (2) number of passengers. b. Without calculations, determine the contribution margin at the break-even point.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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